Wearable Tremor Therapy Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The wearable tremor therapy market was worth USD 59.3 billion in 2022 and is expected to grow at a CAGR of 28.2% during the forecast period.

Wearable tremor therapy devices are designed to help people with tremors, such as those caused by Parkinson's disease or essential tremor. These devices can be worn on the body, such as a smartwatch, glove, or specialized band. They use sensors and feedback mechanisms to reduce tremors or improve the quality of life.

Advancements in wearable technology, government initiatives and support, and increasing awareness of the importance of these devices are driving the growth of the market. Clinical awareness and education are also contributing to the market's growth.

Impact of Covid-19

COVID-19 disrupted the global supply chain, which brought a slowdown in the market due to the lack of essential components and required goods. The impact of the pandemic on this market was multifaceted, affecting both supply and demand. Lockdowns, restrictions on international travel, and factory closures affected the production and distribution of these devices. Clinical trials and research activities related to wearable tremor therapy devices were often delayed due to the need for social distancing and restrictions on in-person interactions. During the pandemic, there was a significant increase in telehealth and remote patient monitoring and adjustments to treatments. Despite the challenges, there was a growing awareness of wearable tremor therapy solutions as potential tools for at-home care, which could drive market growth in the long term. Regulatory agencies adapted to the unique circumstances of the pandemic, potentially expediting approvals for some medical devices, including those in the wearable tremor therapy market.

Growth Drivers

The market is experiencing significant growth due to various driving factors. These include the hectic lifestyles of individuals, the rising prevalence of tremor-related diseases, advancements in wearable technologies, a shift towards patient-centered care, integration of technology in healthcare, clinical validation emphasizing quality of life improvement, increased awareness and education, ongoing research and development efforts, the rise of telemedicine and remote monitoring, as well as government initiatives and support.

The surge in conditions like essential tremor and Parkinson's disease has propelled the demand for wearable tremor therapy solutions. Continuous enhancements in sensor technology, along with miniaturization and improved data processing capabilities, have paved the way for more efficient and user-friendly wearable tremor therapy devices. This form of therapy presents an appealing alternative for individuals seeking drug-free approaches to managing tremors.

With the global population aging, there's an escalating need to address age-related movement disorders. The transition towards patient-centric care, coupled with today's fast-paced lifestyles, has amplified the necessity for this form of therapy.

Research and clinical studies continue to provide compelling evidence of the effectiveness of wearable tremor therapy devices. Companies investing in research and development within the wearable tremor therapy market have introduced a range of new and enhanced solutions. The growing number of individuals grappling with chronic conditions has generated a heightened interest in wearable tremor therapy devices, offering individuals greater control over their treatment.

Furthermore, the increased awareness surrounding the availability of wearable tremor therapy solutions has led to a surge in their adoption and acceptance among patients. This positive trend signals a growing recognition of the benefits that these devices can bring to those dealing with tremor-related conditions.

Segmentation

Tremor type

·         Essential tremor

·         Parkinson tremor

·         Other movement disorders

Technology

·         Gyroscopes

·         Accelerometers

·         Combination of Sensors

Device type

·         Wrist worn

·         Glove based

·         Other type

Price Range

·         Affordability

·         Budget-friendly

·         More premium

Effectiveness

·         Clinical

·         Symptom reduction

·         Management and tracking features

Distribution Channel

·         Medical professional

·         Sales  

·         Specialized Clinics

Wearable Tremor Therapy Market Diseases Type Segmentation

On the basis of type of disease, the wearable tremor therapy market is segmented into Essential Tremor, Parkinson Tremor, and other movement disorders. Among these, Parkinson’s diseases accounted for the leading segment in 2022. Wearable tremor therapy devices are designed to help individuals manage Parkinson disease. It helps in managing their tremors and improves their quality of life. These devices can also be used by individuals with essential tremor, a neurological condition that causes involuntary shaking and trembling of the hands, heads, or other body parts. Some wearable devices are designed to assist individuals with multiple sclerosis who may experience tremors as one of their symptoms.

Wearable Tremor Therapy Market Distribution Channel type Segmentation

On the basis of distribution channel segmentation, the market is classified into medical professionals, sales, and specialized clinics. Many wearable tremor therapy devices can be purchased online through e-commerce platforms. Customers can order these products directly from the manufacturer’s website, online marketplaces, or specialized medical equipment websites. Some wearable tremor therapy devices are available through brick-and-mortar pharmacies, medical supply stores, and healthcare equipment retailers. In some cases, wearable tremor therapy devices are obtained directly from medical centers or hospitals.

Wearable Tremor Therapy Market Brands or Manufacturers Segmentation

On the basis of market brands, this market is bifurcated into branded products and new entrants in the market. Branded products are the leading segment. Rising awareness among people about using branded products is increasing the growth of the market.

Regional Outlook

·         Asia Pacific

·         North America

·         South America

·         Europe

·         Oceania

·         Middle-East and Africa

Regional Outlook

On the basis of the regions, the tremor therapy market is segmented into six regions: Asia Pacific, Europe, North America, South America, the Middle East, Africa, and Oceania. North America was a significant market, the United States in particular. The region had a strong focus on medical technology and a high prevalence of conditions like essential tremor and Parkinson’s disease, which drove the adoption of these devices. The Asia-Pacific region is showing significant growth due to rapidly increasing populations, increasing urbanization and industrialization, an increasing number of aging people, and rising disposable income. Japan and South Korea showed potential for market growth in this region. Several European countries, such as the U.K., Germany, and France, also showed promise in the wearable tremor therapy market due to their advanced healthcare systems and aging populations. The adoption of wearable tremor therapy devices was relatively lower in other regions, but market expansion efforts were ongoing in various countries.

Key Players

·         Gyrogear

·         Phynet Medical

·         Biosensics

·         Medtronic

·         Lift Labs

·         Fujitsu Laboratories

·         Steadiwear

·         Thalmic labs

·         Innovative Neurological Devices

·         Abbott Laboratories

·         Other Players